Comprehensive IG Review dedicated to traders from South Africa
IG Review South Africa
Accepts South African Clients
Who is IG?
IG Group is a globally recognised broker, known for its wide range of financial instruments. Established in 1974, this broker has been offering financial services for over 50 years. It features one of the deepest collections of market products with over 17,000 different assets available to trade. As such, South African traders can greatly diversify their portfolios on this broker site.
IG is regulated by multiple authorities, including South Africa's Financial Sector Conduct Authority (FSCA). On another note, it offers traders competitive spreads, robust trading platforms, and a leverage of up to 1:200.
With a no minimum deposit requirement, IG accommodates most traders, including beginners.
IG Group is Regulated by
FSCA
Financial Sector Conduct Authority, based in South Africa, license number 41393.
ASIC
Australian Securities and Investments Commission, based in Australia, license number 220440.
FCA
Financial Conduct Authority, based in the United Kingdom, license number 114059.
IG’s further regulations from the JFSA, MAS, FINMA, FMA, CFSA, BAFIN, and BMA.
Risk warning: Remember that forex and CFDs available at IG are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
Pros
Cons
Trading Forex and CFDs entail risk.
Your capital is at risk.
01
IG Trading Assets
IG offers one of the largest ranges of trading instruments globally. South African traders can access over 17,000 CFDs across various categories. Below is a review of the different CFDs available to trade:
- Forex – IG provides its clients with the ability to trade a wide range of currency pairs as CFDs (over 80 pairs). These include major, minor, and exotic pairs, offering extensive opportunities for forex traders.
- Indices – IG also enables trading on prominent global indices such as the S&P 500, FTSE 100, DAX 30, and Nikkei 225.
- Commodities – Traders can access an extensive selection of commodities through IG. These include metals like iron, copper, lead, zinc, nickel, and cobalt, as well as agricultural products and energy resources like crude oil and natural gas.
- Shares – IG also offers share CFDs, providing access to thousands of shares from international stock exchanges. Traders can invest in individual companies across various sectors.
- Thematic and Basket Trading – IG allows traders to explore investment themes such as AI, space exploration, inflation, and electric vehicles. This feature lets traders take positions on groups of stocks tied to specific themes.
- Options – IG supports options trading across multiple markets, providing opportunities for speculation and portfolio diversification.
- ETFs – With IG, traders can engage in ETF CFD trading, offering a wide array of exchange-traded funds that track indices, sectors, commodities, and bonds.
- Bonds – IG provides bond CFDs, enabling traders to speculate on the price movements of corporate and government bonds.
- Cryptocurrencies – IG also allows clients to trade CFDs on popular cryptocurrency markets, including major digital assets such as Bitcoin, Cardano, Stellar, and Litecoin.
Available Deposit & Withdrawal Methods
There are various deposit methods that South African traders can use to fund their IG accounts:
Supported Platforms by IG
IG offers a range of trading platforms tailored to meet the needs of both novice and experienced traders:
The broker further supports the following platforms: IG’s Trading Platform, ProRealTimeL, 2 Dealer, Progressive Web App.
02
Review of IG’s Trading Platforms
IG offers six distinct platforms which include IG’s Trading Platform, MetaTrader 4, L2 Dealer, ProRealTime, TradingView, and its Progressive Web App. These platforms are among the most advanced platforms available to traders.
IG’s web-based platform stands out with its intuitive design, robust charting tools, and user-friendly interface. It offers features such as technical indicators, drawing tools, and risk management options. Additionally, IG provides a mobile app version of this platform, enabling traders to manage their portfolios on the go.
IG also supports the popular MetaTrader 4 (MT4) platform. It is renowned for its advanced charting capabilities, over 50 technical indicators, and customisable Expert Advisors (EAs) for automated trading. MT4 is available on desktop, web, and mobile devices, providing traders with flexibility and convenience.
For experienced traders, IG offers ProRealTime, an advanced charting platform equipped with customizable tools, real-time price data, and sophisticated technical analysis features. This platform is ideal for those who require detailed market insights and in-depth analysis.
IG provides access to L2 Dealer, a Depth-of-Market (DoM) platform designed for Direct Market Access (DMA). It allows traders to view real-time market depth data from various exchanges, including all active buy and sell orders.
The platform also includes advanced charting, customisable alerts, and a wide variety of order types, making it a powerful tool for professional traders.
Screenshot taken from the official website of IG.com
Did you know?
IG is one of the world's oldest and largest online trading platforms, having been founded in 1974 in the UK.
03
IG’s TradingView Integration
The integration of TradingView with IG creates a robust solution for traders. By integrating TradingView, IG provides its clients with a seamless and powerful trading experience. Traders can directly execute trades from TradingView's advanced charting interface.
TradingView enhances the trading experience with its advanced charting tools, customizable indicators, and a vibrant community of traders. This is complemented by IG’s competitive spreads and dependable trade execution. Additionally, TradingView provides real-time data feeds, enabling IG clients to stay informed and make timely market decisions.
03
IG’s Spreads and Fees
IG provides highly competitive spreads across its extensive range of assets. For major forex pairs like EUR/USD, spreads start as low as 0.6 pips, though they may vary based on market conditions and instrument volatility.
Similarly, other asset classes feature attractive spreads, with indices starting at just 0.2 points and commodities from 0.1 points.
When trading shares, IG doesn't add its own spread. Instead, a small commission is charged for opening and closing positions.
The commission charged depends on the market and there is a minimum commission that applies for the various markets.
Additionally, IG applies an overnight fee for positions held beyond overnight. The fee depends on the asset being traded and the size of the position.
Unfortunately, IG no longer offers Islamic accounts on its trading site.
04
IG Demo Account and Education Section
IG offers two essential resources that cater to traders of all experience levels. First, the broker provides a demo account funded with $20,000 in virtual capital. This allows traders to experiment with different strategies and familiarize themselves with IG's trading platforms without risking real money.
New traders can use it to build confidence and gain experience in a risk-free environment before entering live markets. On the other hand, experienced traders can test new strategies and refine their techniques without the pressure of real market conditions.
Beyond the demo account, IG excels in providing comprehensive educational content. The platform offers a wide range of resources, including webinars, articles, video tutorials, and trading courses.
These materials cover a broad range of topics, from fundamental trading concepts to advanced strategies. The IG Academy, in particular, stands out as a dedicated learning platform with a wealth of courses, webinars, and tutorials.
Did you know?
IG is publicly traded on the London Stock Exchange and is part of the FTSE 250 Index,
which underscores its strong reputation and financial stability.
05
IG’s Special Feature: Weekend Trading
IG offers a unique trading advantage with its extended weekend trading hours. While many brokers limit trading to weekdays, IG provides access to select currency pairs and indices over the weekend.
Specifically, IG offers weekend trading for three major currency pairs: GBP/USD, USD/JPY, and EUR/USD. These pairs are available for trading from Saturdays at 3:00 PM and close on Mondays at 3:40 AM (UK Time). To differentiate them from their weekday counterparts, these weekend pairs are labelled with "Weekend" before the currency pair name.
In addition to forex, IG offers weekend trading on a selection of indices.
Traders can access weekend versions of major indices from Saturdays at 4:00 AM to Sundays at 10:40 PM (UK Time). Similar to forex pairs, these indices are identified by the prefix "Weekend" on their tickers.
Furthermore, IG provides 24/7 access to a range of cryptocurrencies. This means traders can take advantage of trading opportunities at any time. IG offers CFDs on 11 major cryptocurrencies, two crypto crosses, and a crypto index.
07
IG’s Customer Support
IG understands the importance of exceptional customer support. The broker offers assistance through multiple channels, ensuring that traders can resolve their queries quickly and efficiently.
For immediate assistance, traders can call the dedicated phone line at +44 (0) 207 633 5430, which operates 24 hours a day from Monday to Friday. Another convenient option is WhatsApp support, where traders can easily connect with an official by scanning a QR code to start a chat.
Alternatively, IG's website features a live chat function for real-time communication with a support agent. This is a fast and efficient way to resolve minor queries or troubleshoot basic issues. For more complex questions or situations, traders can send an email to sales.en@ig.com.
IG goes beyond traditional support channels by maintaining active social media accounts on platforms like Twitter, Facebook, YouTube, LinkedIn, and Telegram. This offers another layer of accessibility for clients seeking assistance.
To support its diverse, global client base, IG offers multilingual customer support. This allows traders to communicate in their preferred language, ensuring better understanding and efficient problem-solving. IG provides support in several languages, including French, German, Spanish, and Italian, among others.
Trading Forex and CFDs entail risk.
Your capital is at risk.
08
IG Leverage Review
IG offers leverage up to 1:200 for forex trading in South Africa, which is lower compared to some brokers but still sufficient for most traders. Remember that leverage limits can help ensure responsible trading practices and manage risk. Maximum leverage per asset class includes:
Forex 1:200
Indices 1:200
Commodities 1:200
Shares 1:10
Cryptos - 1:10
IG in Head-to-head With South African Leading Competitors
Trading Forex and CFDs entail risk.
Your capital is at risk.
Expert's cricital opinion
from the author of this IG Review
IG stands out as one of the top brokers in the world with a strong presence in South Africa. Its extensive range of instruments, advanced platforms, and commitment to education make it an excellent choice for South African traders. The lack of a minimum deposit requirement and ZAR support are particularly attractive to South African traders.
However, to best assess this broker, we must pin it in a head-to-head comparison against other top brokers in South Africa.
In this case, we will be comparing IG to HFM and Exness. To start with, IG fairs pretty well against Exness and HFM when looking at the minimum deposit requirement. All three brokers have a low entry point for traders. Both IG and HFM feature a no minimum deposit requirement while Exness requires a $10 minimum deposit. This means that most traders can start trading with IG after investing whatever amount they wish.
On another note, IG stands out as the broker with the largest collections of market products among the three. It offers traders over 17,000 instruments, allowing investors to greatly diversify their portfolios. In contrast, HFM offers just over 1,000 assets while Exness offers over 250 instruments.
On trading fees, IG is well-positioned to compete. It offers lower minimum spreads than HFM but falls just short against Exness. However, both Exness and HFM offer zero spread options which makes them stand out.
Finally, IG is well-regulated, just like HFM and Exness. All three brokers have regulations from the local financial authority, the FSCA. On top of that, all three brokers feature other regulations from well-respected organisations. Moreover, they all support the South African Rand as a base account currency. Ultimately, whether this broker suits a trader will depend on their individual needs.
Peter Cook Ndungo
Editor, Senior Broker Analyst
Trading Forex and CFDs entail risk.
Your capital is at risk.